Wedge break? I say bear flag BTC/USD
XBTUSDCalling a retracement rally as compared to a break of the downtrend line.
Many calling for a wedge break however volume was very weak when the wedge broke. It is possible that we are doing a retracement for the wedge. Thus the 0.618 (8065) could be a potential retracement zone. Whereby I close half of my hedge.
Took a hedge at 8500, shall monitor as it touches each fib level.
TA:
- Daily Hidden Bearish Divergence on RSI = Continuation
- Bear flag after bear flag
- OBV is not favorable as well without any curving upwards
6hr TF Hidden bearish divergence + trading below cloud
Note
Bullish scenario is this on the 12hr TF where we see a cloud bounce, if not GG.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.